Tinubu Urges China To Increase $2 Billion Currency Swap To Boost Nigeria-China Trade

President Bola Tinubu urged China to increase the $2 billion currency swap with Nigeria to boost trade. He also requested a review of the $50 billion aid package for Africa, announced by China's President Xi Jinping last year.

The recent renewal of the currency swap agreement, worth 15 billion yuan (about $2 billion), is aimed at improving trade and investment.

While meeting with China's Minister of Foreign Affairs, Wang Yi in Abuja on Thursday, Tinubu highlighted that increasing currency swaps would help speed up Nigeria's infrastructure development and strengthen bilateral relations, as per the official statement issued on X (formerly known as Twitter).

"We still demand more in the area of currency swap. The level you have approved as a government for Nigeria is inadequate considering our program. If you can increase that, it will be well appreciated," Tinubu said. "Our bond should grow stronger and become unbreakable."

Tinubu emphasized that Africa's infrastructure needs require more than the $50 billion pledged by China. He urged a review of the amount to better reflect the continent's reality.

The president also requested China's support for Nigeria's bid for a permanent seat on the United Nations Security Council. He encouraged China to use its influence to help Nigeria secure the seat.

He expressed gratitude for China's support but highlighted that Africa's needs are even greater, calling for faster development and deeper collaboration with China for infrastructure growth. Tinubu also thanked President Xi Jinping for the warm reception during his visit to China last year.

The president expressed that Africa, especially Nigeria, is ready to achieve development goals and contribute to funding for projects. He mentioned the successful signing of multiple MOUs and the planning of several action programs during his visit to China for FOCAC.

He appointed Joseph Tegbe to coordinate Nigeria-China relations and ensure the implementation of the signed MOUs. Tinubu appreciated the timing of the visit and expressed sympathy for the unexpected earthquake in Tibet, commending China's swift response to protect lives.

Yi thanked Tinubu for appointing a Director General to oversee the implementation of MOUs aimed at rapidly developing Nigeria's economy. He expressed China's continued support for Nigeria's goals, including countering terrorism and ensuring regional security.

He highlighted Chinese investments in Nigeria focusing on job creation and infrastructure development, with the Chinese National Development Bank already funding some projects.

Tinubu's request to the Chinese government came just one day after the China Development Bank approved a loan of $254.76 million (€245 million) for the Kano-Kaduna railway project.